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Wheelock's FY'18 attributable profit drops 16.2% YOY

Wheelock and Co. Ltd. said its profit attributable to equity shareholders in the year ended Dec. 31, 2018, totaled HK$17.24 billion, a decrease of 16.2% from the HK$20.57 billion it recorded in the year-earlier period.

During the comparable period, the Hong Kong-listed developer's EPS fell 16.4% to HK$8.41 from HK$10.06, while its revenue dropped by 31.7% to HK$48.49 billion from HK$70.95 billion.

Operating profit for the 2018 financial year climbed on an annual basis to HK$24.93 billion from HK$23.86 billion. The company's total comprehensive income attributable to equity shareholders fell year over year to nearly HK$9.17 billion from approximately HK$28.43 billion.

Despite the decreases in other metrics, underlying profit of the group increased by 9% to about HK$13.21 billion, primarily due to higher profits in its investment properties in Hong Kong and in mainland China, and profit from its Hong Kong properties.

The company declared a dividend of HK$1.05 per share for the second half of the reporting year. The amount will be paid April 26 to shareholders on record as of April 11.